Optimal level of regulation and regulatory reform seem to be an undisputed objective. However, in the context of financial regulation there are differences and disagreements over the optimal level of disclosure of information and capital adequacy standards. In this paper, instead of offering a...

Different aspects of competition in stock exchanges have been discussed from either a positive or normative perspective, but this article seeks to come up with an approach encompassing both positive and normative dimensions of competition in various aspects of stock exchanges' activities. As far...